Financial Tips for Before the End of the Year




I’m not a financial advisor, but I’m thankful for my friends at Forbes. Here is what they have to say about things to consider financially between now and December 31st (and a bit of my input as well):

1. 401K-Contributions to a 401K or 403b need to be made before December 31st. Talk with your accountant about if it would be in your best interest to make additional deposits prior to the end of the year (and tax calculations)!

2. IRA: You can make IRA contributions until April 17, 2017. Check out the IRS contribution limits for 2016 for IRAs.

3. Withholdings: It’s not too late to adjust your paycheck withholdings. The IRS website has a withholding calculator that can show you if you’re on track or would be benefited by making adjustments.

4. Charitable Contributions: If you itemize your deductions, you may be able to save on taxes, and help out a charitable organization.

5. Budgeting: If you’d like to reduce your debt, now is a great time to make plans. When we are intentional, we can reach financial goals that result in more options with how to spend money and time. Consider SMART goals…Specific, Measurable, Achievable, Relevant, and Time bound.

6. Investment Plan: Year end is a good time revisit your asset allocation. I, of course, always recommend considering investing in Anchorage real estate. Historically, the return on your investment has been awesome!

Forbes, November 22, 2016; Rob Berger.

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